NEW YORK (AP) — President Donald Trump’s fast-approaching “Liberation Day” sent stock markets swinging sharply worldwide on Monday.

On Wall Street, the S&P 500 rose 0.6% in another roller-coaster day, after being down as much as 1.7% during the morning. The reversal helped the index shave its loss for the first three months of the year to 4.6%, making it the worst quarter in two-and-a-half years.

The Dow Jones Industrial Average also swerved higher after erasing an initial loss, and it climbed 417 points, or 1%. Slides for Tesla, Nvidia and other influential Big Tech stocks, though, sent the Nasdaq composite down 0.1%.

Such neck-twisting turns have become routine for the U.S. stock market recently because of uncertainty about what Trump will do with tariffs — and by how much they will worsen inflation and grind down growth for economies. Wall Street’s swings followed a sell-off that spanned the world earlier Monday as worries built about the effects of the tariffs that Trump says will bring manufacturing jobs back to the United States.

In Japan, the Nikkei 225 index dropped 4%. South Korea’s Kospi sank 3%, and France’s CAC 40 fell 1.6%.

Instead of stocks, prices strengthened for things considered safer bets when the economy is looking shaky. Gold rose again to briefly crest $3,160 per ounce.

Prices for Treasury bonds also climbed, which in turn sent their yields down. The yield on the 10-year Treasury fell to 4.21% from 4.27% late Friday and from roughly 4.80% in January.

On Wednesday, the United States is set to begin what Trump calls “reciprocal” tariffs, which will be tailored to match what he sees is the burden each country places on his, including things like value-added taxes. Much is still unknown, including exactly what the U.S. government will do on “Liberation Day.”

At Goldman Sachs, economists expect Trump to announce an average 15% reciprocal tariff. They also raised their forecast for inflation and lowered it for U.S. economic growth for the end of the year.

They now see a 35% chance of recession in the next year, up from an earlier forecast of 20%, “reflecting our lower growth forecast, falling confidence, and statements from White House officials indicating willingness to tolerate economic pain,” according to Goldman Sachs economist David Mericle.